After record jump in a day, petrol hits all-time high.

ISLAMABAD -- Pakistanis woke up on Sunday to a record single-day hike in the petrol price - which also now stands at an all-time high of around Rs250 a litre - after the government moved to address a run on filling stations fuelled by shortage fears, especially in Punjab and Khyber Pakhtunkhwa.

However, the government had little success in smoothing out a fragile supply chain that has been on edge for weeks due to a shortage of foreign exchange.

The Rs35 per-litre increase in the price of petrol - along with a similar jump in the prices of high-speed diesel (HSD), and a Rs18 rise in light diesel oil (LDO) and kerosene rates - came three days before the scheduled fortnightly announcement.

In a short televised address that started 10:50am on Sunday morning, Finance Minister Ishaq Dar said the price revision would go into effect at 11am - 10 minutes later.

After the revision, the new ex-depot price of petrol now stands at Rs249.80 per litre, HSD Rs262.8, kerosene 189.83, and LDO Rs187.

Premature hike in prices of four petroleum products did little to address 'artificial' shortage

The petrol price has hit a record high against the previous peak of Rs248.74 per litre in the first fortnight of July 2022. The hike of Rs35 per litre in petrol's price is also the highest single-biggest jump in the country's history.

The new ex-depot price of HSD is slightly short of its previous peak of Rs276.54 seen in July and the hike was the second highest after about Rs59 per-litre increase announced on July 1.

The prices of kerosene and LDO previously peaked at Rs230.26 and Rs226.15 per litre, respectively, in the first fortnight of July.

When the PTI government was removed in April last year, the prices of petrol, HSD, LDO and kerosene stood at Rs150, Rs145, Rs118 and Rs126, respectively.

'Artificial shortage'

In his address, Mr Dar said social media reports about a looming increase of Rs47-80 per litre in petroleum prices on the month's end triggered incentives for retailers to hoard products and created an 'artificial shortage'.

He attributed the price hike to the central bank's actions, including the rupee's depreciation, and the rise in international oil prices.

Therefore, the Oil and Gas Regulatory Authority advised the government to immediately announce and implement the increase in petroleum prices to end hoarding, black marketing and artificial shortage.

With the latest price hike, the government also increased the petroleum development levy (PDL) on...